Select & Collect – Minimise Shrinkage, Maximise Control
All retailers struggle with inventory losses and with seeing their revenues dwindle due to shrinkage. The average shrinkage in the retail industry is about 2% of sales (National Retail Federation). That added up to $123 billion for retailers worldwide in 2015.
Shrinkage due to theft – internal or external – is one of the most urgent issues for the retail industry to solve. Shrinkage due to employee theft and shoplifting make up 77% of the total shrinkage globally.
The most stolen products are small premium price products: razors, tobacco, non-prescription drugs, condoms, pregnancy tests, batteries, mobile accessories, and makeup – products that are easy to conceal and re-sell.
Closely connected to the shrinkage issue, is inventory control. Monitoring inventory, counting and restocking ties up a lot of resources and takes away from more productive activities.